Port-au-Prince.– After years of relentless organizing by a broad range of Haitian and international activists, the World Bank and International Monetary Fund (IMF) finally relented to pressure and cancelled Haiti's $1.2 billion debt, nearly two-thirds of the nation's debt.
"The debt cancellation is an important step forward, but only one part of an overall recovery plan that needs to include heavy emphasis on sustainability, especially when it comes to the agricultural sector," said Salena Tramel, Grassroots International Program Coordinator for Haiti and the Middle East.
"Grassroots International remains committed to working with our partners and allies in Haiti to create meaningful inroads to make this happen," she added.
For the tiny nation, debt cancellation means big relief. It frees resources to address the worst economic crises in this hemisphere. Last year, on top of already staggering poverty, Haiti experienced four hurricanes and ravages from the global food crisis.